WEALTHBRIDGE INCORPORATION GUIDES:

Incorporating your Security Company in Singapore

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How to Incorporate a Security Agency

When it comes to security and matters related to safety, Singapore has really made tremendous steps. In fact, it is one of the safest countries. This creates a perfect environment for businesses and other economic activities. As a result, many people have opted to go to Singapore for various reasons. Some of the reasons include touring the country, studying, sports, business purposes and seeking permanent residence.

Singapore is also one of the countries with the best economy. This is a result of the government promoting the creation of startups. Singaporeans have resorted to starting a lot of business in a quest to earn a living and ultimately improve their country’s economy. The government encourages them to capitalize on the opportunities available in the different sectors. One of these sectors is the security sector. This sector is governed by the set private security law. Rules and regulations have been rolled out so that only competent people venture in this sector. This has really helped in enhancing the security of Singapore. It is because of the reliable security measures set by investors and stakeholders in this sector. Singaporeans can now go about their activities without any fear. This has contributed immensely to the growth and development of the economy of Singapore.

Process and Requirement of incorporating a security company in Singapore

Incorporating a company in Singapore is not a walk in the park. There are a number of procedures and requirements you will be expected to follow religiously. The aim is to ensure you provide reliable and satisfactory security services to Singaporeans.

First, you will need to comply with a set of employment conditions and registration requirements. These rules have been designed by the able Police Licensing and Regulatory Department of Singapore. The department will always make sure these requirements have been adhered to. Penalties and debarment are issues to those who will not conform to the requirements.

Below are the requirements you will be required to meet:

  • Have one of the available two PLRD licenses. These licenses are the security service provider and the security agency license.
  • At least 300,000 SGD as share capital for your intended company
  • The company should be established in a space designated for only commercial purposes
  • It should be a private limited company
  • At least two directors should be appointed to run the company once established. These directors should have detailed responsibilities they ought to fulfill.

Directors qualifications

It is mandatory that every Singapore security company should have a minimum of two directors. These directors should have clear responsibilities that have to be carried out by them. In that connection, the process of selecting directors should be undertaken with much discretion and precision. There is a set of requirements every director needs to fulfill. Below are some of the requirements directors need to meet:

  • Should have done and excelled in Manage Security Emergencies training organized by PLRD.
  • Should have undertaken and excelled in Manage Security Operations training Module organized by PLRD.
  • Should be a fully certified manager as stated by the Private Security Act enacted in Singapore.
  • Have a minimum of two years’ experience in any private security position
  • Be a resident of Singapore

Failure to adhere to the above requirements will deem you unfit of being a director. This reveals the seriousness dedicated to the security sector in Singapore.The essence of all those requirements is to ensure there is absolute sanity in the security industry.

Fortunately, the laid down requirements in the security sector have paid off. Singapore has become one of the safest countries to live in and also engage in various legal ventures. Any breach of rules is always met with dire punishment. As a result, all security stakeholders have resolved to comply with the set requirements and qualifications.

The Final Word

Security is a great necessity in any country. It is one of the drivers of a stable economy. That is why countries that have a better economy put a lot of emphasis on its security. Singapore is one of the countries that does not take its security sector lightly. It has a security regulatory body that ensures investors in the security sector provide reliable services. There is a set of rules any potential security investor is supposed to adhere to those set rules laid down by the regulatory body.

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